251013 Reading LON AM session practice

• Bars 1 &2 mark a clear "M" at D1 R  plus a break of Maj UWTL =  bias short
• Bar 3 is an H1 and marks the 1st leg down.
• Bar 4 is an L1, but it is better to wait for a higher probability L2
• Bar 5 is an H2 trapping more bulls
• Bar 6 is an L2 after a TL break  =  valid. Trade into low of TC approx 1: 1.2 RRR
• Bar 7 is an H1 at the bottom of the 2nd leg down, better to wait for a H2
• Bar 8 is an L1 trapping Bears at the bottom of the TC
• Bar 9 is and H2 after a meaningful TL break so is trade-able back to test the prior extreme. approx 1.2RRR or with TSL 1.-0.3
• Bar 10 was an L2 but there was no meaningful TL break between L1 (8) and L2 (10) so this was a Bear trap.
• Bar 11 is an H3 but  should be reordered as an H2 and Bar 9 as an H1 as there is now a clear leg up. approx RRR 1 ; 1.5,  with TSL: 1: 1
• Bar 12 is an L3 but because there was no meaningful TL break between L1 (8) and L2 (10) this could not be traded despite is being a TC overshoot.
• Bar 13 is an H3 and could be traded. approx RRR 1:2 / TSL 1:0.5
• Bar 14 is a Bearish RB and the 3rd clear leg/push up which is a topping pattern and at D1 R bias turns to short.
• Bar 15 is an L1 after 3 pushes up a TC OE and bearish RB, and test of 1.38 =  good short. approx 1: 0.7
• Bar 16 is an H1, better to wait for a H2 in this situation with all the bearish data.
• Bar 17 is an L2 that was tradeable because a meaningful TL had beeen broken between L1 (15) and L2 (17). approx 1.0.5
• Bars 1,2, 14 have now formed a triple top putting a real bearish slant on the day this could even be seen as 2 "M" the first from  bars 1-2 the second from bars 14-18. either way...
• Bar 20 was a great L2 / 2nd leg after breaking the STTL between L1/1st leg (19) and L2 (20), and forming a mini "M" itself (18-20). a target of 1.38/38.2 seems reasonable with so much bearish pressure. approx RRR1 : 2.5

Summary: again happy with my reading of the action, it's good practice and is increasing my confidence. I am also understanding that there really is a science to reading price action correctly.  And although scalping is often described as an art, perhaps for me it is more accurate to think of it as an artful science (there is a right and wrong way of doing everything but once you learn how to do things correctly you can start being creative). Also noted (can confirm to myself) that in a non trend day set PT's are far more profitable than using a TSL just as Brooks says: scalp in ranges, swing in trends.  Finished a chapter on Ranges and BO/BD,  writing up notes this PM. Family stuff all day and night Sunday means a start on Tuesday next week is more than likely.